-According to recent data from Rentals.ca, the rental prices in Toronto are picking up for the first time in more than 14 months – suggesting that the market may have turned a corner with increased tenant demand. The city had seen average rent decline every month in 2020, as well as January and February of this year. The average rent for an apartment or condo in Toronto is now $2,004 – down from $2,454 in March 2020.
-House prices have risen rapidly across the country despite the pandemic, and many prospective buyers have given up their search due to the market conditions. The third wave of Covid-19 has not stopped tenants from trying to get into the rental market before rents move back to pre-COVID levels.
-Rent in Toronto is expected to continue to grow throughout the second half of the year as vaccinations increase and case numbers decline. Will you move back to the city once things go back to ‘normal’?
